Chicago Heights company has 2 year contract to construct a warehouse. The contract value is 2949 and the estimated total cost is 1156. During the next 2 years, the costs are incurred as follows and the project is completed by the end of second year. Contract data Year for the year 2019 for the year 2020 Cost incurred 867$ 851$ Required Make the recognition of revenue, expenses and profits for 2020. Type in the profit value without using the currency sign and separators.
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Chicago Heights company has 2 year contract to construct a warehouse. The contract value is 2949 and the estimated total cost is 1156. During the next 2 years, the costs are incurred as follows and the project is completed by the end of second year.
Contract data
Year for the year 2019 for the year 2020
Cost incurred 867$ 851$
Required
Make the recognition of revenue, expenses and profits for 2020. Type in the profit value without using the currency sign and separators.
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